Everybody wants to improve their marketing efforts. Improved marketing and promotion leads to more customers and better retention of your current customers.
However, many businesses spend thousands of dollars every year on a variety of marketing tactics without a lot of success. This is mainly due to the lack of understanding how to marketing and advertising in an effective way. If these businesses a little research before they develop their marketing, their messaging would be more effective. Although each business is unique, a few basic market research strategies can help. Here are two:
Determine a concise target market
Before you start any business or marketing campaign, you need to learn about who is the intended target for the business or marketing campaign. This can be done through either primary or secondary research. Before launching a new product, service, or campaign, you need to know:
- Who wants or needs the product or service I am selling?
- How many potential consumers are out there?
- Where are my potential customers located?
- How much are my potential customers willing to spend?
- Why will they buy my product or service?
By identifying your target market, you will be able to evaluate the viability of your business, increase its visibility, and make the necessary changes to increase sales. By developing a target market you are less likely to waste your advertising dollars on promoting to the wrong group of customers.
Develop a database
It is surprising to me the number of businesses, large or small, that do not have and maintain a database. By developing and maintaining a database, a company can get a full understanding of their customers’ profile. By using your customer data more effectively, new products can be developed more efficiently and a more cost effective direct marketing campaign can be achieved.
Many businesses do not truly conduct market research. They probably see it as too difficult, too expensive, or not a perceived value. However, the value of doing it ahead of time can prevent a considerable waste of money on products and services that potential customers may not want and marketing campaigns that they may not respond to.
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at firstname.lastname@example.org.